Thank you, Mr. Speaker.  I rise today in support of the Senate Amendment to H.R. 5740, the National Flood Insurance Program Extension Act. 

As my colleagues know, the NFIP is set to expire on May 31^st.  This program provides vital flood insurance coverage to homeowners in flood-prone communities.

Just two weeks ago, we passed a 30-day extension, H.R. 5740, to spare property owners and the housing market from another lapse in the NFIP.  That bill was approved by this chamber on May 17^th by a vote of 402 to 18.

The Senate has since amended our legislation, extending the authorization for an additional 30 days, for a total of 60 days -- or until July 31^st. 

The Senate amendment also eliminates subsidized rates for second and vacation homes.  According to an unofficial Congressional Budget Office staff estimate, this provision will generate approximately $2 to $2.5 billion over ten years. 

Although not identical, the Senate’s reform provision mirrors section five of H.R. 1309, the five-year flood reform bill that we in the House passed with overwhelmingly bipartisan support last July.  And if any technical changes are needed, they can be addressed in any long-term reform measure that we consider in the coming weeks.

On that note, I’m pleased to report that as part of reaching an agreement on this extension, Senate leaders have offered their public and private assurances that they will vote this June on the long-term flood insurance reform. 

This agreement is a major breakthrough for those of us who have been pushing for Senate passage of the long-term bill since the House completed its work nearly 11 months ago.  The Senate Banking Committee has already approved a bipartisan NFIP proposal, and I remain confident that the House and Senate can reconcile any differences that remain between our respective visions for reform.

Mr. Speaker, the NFIP is over $17 billion in debt to taxpayers.  And, since 2008, Congress has enacted 16 stop-gap measures to keep the program running.  Today’s bill can and should be the last short-term extension, because this program is too important to let lapse, and too in debt to continue without reform.

Today’s bill not only prevents a lapse, it brings us closer to a responsible, long-term solution.  And the sooner we accomplish that goal, the sooner taxpayers can stop bearing the full expense and risk of an outdated flood program.

With that, I urge my colleagues to support the Senate Amendment to H.R. 5740, and I reserve the balance of my time.